Dogecoin price analysis shows a continuous increase to follow up with a weekly increase of 12%, as the price closed at around $0.101 in the same day's trading session
Dogecoin price analysis shows a continuous increase to follow up with a weekly increase of 12%, as the price closed at around $0.101 in the same day's trading session. After continuing to rise since November 21st, meme cryptocurrencies appear to have stabilized near the current price and may undergo minor corrections within the next 24 hours. The market value of the day's trading increased to nearly $13.5 billion, while trading volume decreased by 5%, slightly above $700 million.
The larger cryptocurrency market has shown a green trend throughout the past 24 hours, with Bitcoin prices rebounding and exceeding $17000. Ethereum rose by 2% to $1300, while the leading counterfeit currency showed a similar voting rate. The Swiss dollar also rose 2% to $0.39, similar to the Cardano's rise to $0.32. Meanwhile, Solana closed at around $13.62, while Polkadot rose 4% to $5.63.
Price analysis of dog coins: RSI is close to the overbought area on the daily chart
On the 24-hour candlestick chart of Dog Coin price analysis, it can be seen that the price has entered a horizontal pattern after continuously rising during trading periods within a week. Although the support level is around $0.09, it is expected that the DOGE bulls will break through the current resistance level of $0.101 to $0.18. The recent increase means that the DOGE price has exceeded the 9 day and 21 day moving averages, as well as the 50 day index moving average (EMA) of $0.098.
In the past two days, the 24-hour Relative strength index (RSI) has risen to an overbought area slightly below the 60 threshold, and is facing a sideways consolidation trend. If the bulls fail to maintain above the support level of $0.09, it may indicate a correction point in the price of dog coins. Meanwhile, the Moving Average Convergence Divergence (MACD) curve shows that the bullish divergence continues to be above the neutral region, indicating potential bullish momentum.
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